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Author Topic: What would happen if Bitcoin became a legal currency?  (Read 33218 times)
Kprawn
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June 08, 2016, 03:12:30 PM
 #21

For one thing, a lot of merchants waiting on the side to see where Bitcoin is going, will start to accept it as a payment option. At this moment many of them, go through 3rd party payment processors, to

legitimize the transactions into converting it into fiat automatically. I think many of these e-commerce sites are just waiting for regulations to allow it to be accepted directly, and then we will see a

swarm of merchants coming onboard. There are however countries, where Bitcoin is seen as a currency, and payment are allowed directly to the merchant.

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June 08, 2016, 03:19:31 PM
 #22

It already is legal where it counts and there's nothing stopping anyone from accepting it.

There's still no real incentive for a customer to use it and that'll remain what's holding it back.

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June 08, 2016, 04:11:51 PM
 #23

this is could be good news for bitcoin users if bitcoin become legal in all countries and i think we would not need any longer banks because if bitcoin legal i'm so sure that people will use bitcoin because using bitcoin have more advantages than banks from transactions fees and confirmations transactions bitcoin more faster than banks
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June 08, 2016, 04:28:15 PM
 #24

It would instantly get a lot bigger, I think the bitcoin would be than globally known and that we can change the whole world with it, if this would happen ever.
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June 08, 2016, 04:31:57 PM
 #25

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

well i think that bitcoin are legal currency in some countries already as many stores accepts bitcoins there so you can use them anyplace so i think it counts as legal currency

and if it would be legal in whole earth, then i think that yes, many more people would use them, and lots of stores would accept them too without fear, so it would be good for bitcoin
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June 08, 2016, 05:07:09 PM
 #26

The bitcoin would simply become a lot bigger and it also would increase in its price because it than would have more investors.
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June 08, 2016, 06:52:32 PM
 #27

I don't know what your definition of legal currency but as far as I know, it is a legal currency.
Or do you mean legal as in government-recognized currency? If so, then I'm guessing that there will be a surge of bitcoin users and of course, let's not forget the haters and conspiracy theorists.

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June 08, 2016, 07:25:10 PM
 #28

The best thing about BTC it was anonymous. In my country the best wallet you can use is coins.ph however they have an I.D Verification for bigger withdrawal and depositing where is the Anonymous in that. so if BTC became legal in my country I will never use it. I will be more happy to use their banknotes.
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June 08, 2016, 07:31:38 PM
 #29

If Bitcoin was to become legislated, chances are I would keep using it, depending on what the laws in my country decide. If it is something negative or it is outlawed completely, I would most likely exchange what I can and then back out of it and go find something else. The good news about this, though, is that my country seems to be lagging behind or doesn't even care about Bitcoin, and thus it hopefully won't have laws surrounding it anytime soon.
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June 08, 2016, 07:55:05 PM
 #30

Well in my country is legal to use it so I'm quite happy with that, but if you are talking about worldwide legal - well then, we have a long walk to make, before climbing that mountain... The main thing that get to my nerves is the media - they will write almost everything, regardless being positive or negative and if we consider all the people that don't want Bitcoin to succeed, can pay those "media wh*res" to spam crap and FUD against the blockchain technology, I don't think we will be legal worldwide soon. Since the main purpose of the Bitcoin is to replace the banking system, the world will change with it, when the time comes to accept it worldwide. It will be great if we are able to see it in our lifetime and I'm looking forward to it  Cool

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June 08, 2016, 09:32:57 PM
 #31

If Bitcoin became a legal local currency a lot of things will change for better or worse. Firstly Bitcoin will be taxed there is no doubt about that. Also the whole pseudo-anonymity concept will be thrown out the door because people will need to disclose to the IRS or the equivalent agencies in other countries about their Bitcoin balances and file tax reports every year. Also Bitcoin being regulated will mean no more anonymous online gambling and KYC procedures will be a common thing before getting paid. Now to the good news. Bitcoin will be widely accepted in online and offline brick and mortar shops which will be normal for it being a legal currency and the biggest plus is that there will be no more need to exchange between different currencies because Bitcoin is universal and we will save a lot of money in fees. Anyways there will be advantages and disadvantages to this change and to be honest I think we will be better off with how Bitcoin is doing today.
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June 08, 2016, 11:23:23 PM
 #32

If BITCOIN became a legal currency it is will be good because it is make BITCOIN easier to used, it will make transaction of online shop more simple.

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June 08, 2016, 11:31:38 PM
 #33

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?
It's will make increase bitcoin price at the same time the taxed for using bitcoin or transaction increase too. The various transaction will difficult to supervised. Maybe the illegal activity also increases, but if bitcoin becomes legal currency at the same time we need to upgrading their system to make a control.

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June 09, 2016, 01:01:49 AM
 #34

Does it even matter if Bitcoin is formally a legal currency or not? Bitcoin - even though not officially recognized -  is not illegal in most countries. And even if it is, the population can't be successfully prevented from using it.

I'd argue that formal legalization follows adoption, not the other way around. By the time Bitcoin is officially recognized, it already is in widespread use. So formal steps of governments will not change much, they will only express the status quo by then.

The reason why I don't expect that most governments will take a proactive stance towards Bitcoin adoption is the loss of centralized power that is attached to it. In addition, most officials do not really understand the concept and can't see the advantages, because they live within a bubble of officialdom. Bitcoin is a grass roots movement that could change the world because it offers advantages to the average people.

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June 09, 2016, 03:27:37 AM
 #35

It doesnt really matter if bitcoin is a legal or illegal currency.No one is looking at crypto currencies as illegal things online.If thats the way they look at cryptocurrency as illegal they must ban all crypto currency.Bitcoin itself is not declared as illegal nor legal.But we can use it for both illegal and legal things so  for me bitcoin is already legal in our world

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June 09, 2016, 03:36:04 AM
 #36

in that case there will be a revolution in bitcoin economy. there will be hundreds of online services accepting bitcoin overnight hence so many people buying bitcoin in order to use it instead of their old ways and slowly this will grow and other offline businesses will accept bitcoin too in order not to fall behind.

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June 09, 2016, 04:03:46 AM
 #37

If bitcoin will be considered as a legal currency. Many will have to consider bitcoin and ther will be an increase in demand. With that, the price of bitcoin will rose to an amount we have never seen yet. Smiley





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June 09, 2016, 04:17:53 AM
 #38

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

If bitcoin legality. The bitcoin is legal i think if this crypto currency is illegal why other company accept it to convert to fiat? My point is if this is illegal why they accept it. Its legal in our country and i want to ask if theres a country that the bitcoin is illegal there? I think all country allowed their countrymen to use bitcoin and other country introducing to use bitcoin.
I think your Subject is wrong because you want to ask if this is a legal currency what will happen? And in your post is you want to ask if this coin is used in stores, online shop. You should ask that if bitcoin in the wholeworld use in many store, online shop. I think thats the best question. But let me asnwer your question. If this coin is accepted in many store i think this crypto currency will be national cryptocurrency and the price will be stable like fiat.
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June 09, 2016, 04:32:50 AM
 #39

If bitcoin will be considered as a legal currency. Many will have to consider bitcoin and ther will be an increase in demand. With that, the price of bitcoin will rose to an amount we have never seen yet. Smiley


But, i'm sure there will be strict regulation about bitcoin usage. No anonymity at all, government can track your bitcoin and so on.

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June 09, 2016, 04:43:11 AM
 #40

I think there's not much difference if bitcoin become legal or not. no one are stopping people from using it. the only good thing is it will be accepted in stores as payment.
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